Compass has recently released Q4’s findings, showing a strong and steady market with equal supply and demand and a mix of statistical year over year increases and decreases. Read on for updated data about listings, contracts signed, closings, pricing, time on market, and absorption rate, as well as current price per square foot throughout Manhattan, Brooklyn, and Queens neighborhoods.
Manhattan: During Q4 2017, there were 9,377 listings on the Manhattan market. 5,271 (56%) were condos and 4,106 (44%) were co-ops. This represents a 2% year over year increase in the number of listings on the market, and is the 14th consecutive quarter in which there were more condo units available than there were co-ops.
Brooklyn: Q4 2017 saw a total of 2,562 Brooklyn listings comprised of 1,399 condos (55%), 800 co-ops (31%), and 363 single family homes (14%). This represents a 10% decrease in the total number of Brooklyn listings compared with Q4 2016.
Manhattan: 2,396 contracts were signed during Q4. Of these contracts, 1,049 were condos (44%) while 1,347 were co-ops (56%). These figures represent a 4% decrease in contracts signed compared with Q4 2016.
Brooklyn: During Q4 2017, and for the 4th time in 10 years, over 1,000 contracts were signed in a quarter. The total number was 1,066, an 8% year over year increase.
Manhattan: There were 2,465 closings in Q4, 1,165 of which were condos (47%) and 1,300 of which were co-ops (53%). The number of closings represents a year over year increase of 21% for condos and 14% for co-ops.
Brooklyn: There were 1,275 closings in Q4, 656 of which were condos (51%), 420 of which were co-ops (33%), and 199 of which were single family homes (16%). These figures represent a 7% increase in the number of Brooklyn closings compared with Q4 2016.
Manhattan: Median condo resale prices decreased 13% year over year to approximately $1.4M due to a 32% increase in volume of inventory priced between $500K-$1M; median co-op resale prices decreased 2% year over year to $829K; and the median price of a new development decreased 5% to $2.8M.
Brooklyn: Since Q4 2016, median condo prices have increased 0.4% to $954K; median co-op prices increased 9% to $535K; and single family homes have increased 2% to $1.3M.
Time on Market
Manhattan: Units stayed on the market in Q4 for a median of 81 days, up from 65 days in Q4 of 2016. 41% of all units went into contract within two months.
Brooklyn: Homes in Brooklyn stayed on the market in Q4 for a median of 60 days, down from 62 days in Q4 2016. 50% of all units went into contract within 2 months.
Manhattan: It would take approximately 6.5 months to sell all Manhattan inventory listed at the close of Q4 2017. A healthy market, in which there is parity between supply and demand, is indicated by an absorption rate of 6 – 9 months.
Brooklyn: It would take approximately 4.7 months to sell all Brooklyn inventory listed at the close of Q4 2017.
Please note that for all figures quoted above, prices of contracts signed represent last asking prices and do not take into consideration new development properties which decline to report sales. Read the full Manhattan market update here, read the full Brooklyn market update here, and read on for current neighborhood-specific price per square foot which currently ranges from $293 to $2,238 among the neighborhoods included.
NoLita remains in the downtown lead at $2,238 psf while Greenwich Village trails the pack at $1,154 psf. NoMad leads the Midtown pack with ppsf trading at $2,097 while Sutton Place offers the most space for the price at $928.Lincoln Square remains far in the lead among UWS asking prices at $1,826 psf.
East Harlem is commanding the highest ppsf uptown at $1,032 while Washington Heights is now more affordable than Inwood at $493 psf. Carnegie Hill retains the UES lead at $1,126 psf.
Northwest Brooklyn ppsf is led by DUMBO at $1,374 psf and has the lowest psf prices in the Navy Yard, currently at $730 psf.
There is a $25 psf difference between current prices in Greenpoint and Williamsburg.
East Brooklyn prices are led by Bushwick at $617 psf and trailed by Brownsville at $293 psf.
As previously mentioned, I’ve broken up “South” Brooklyn into South, Southeast, and Southwest; in South Brooklyn prices are led by Prospect Lefferts Garden at $665 and are lowest in the Flatbush neighborhood at $399 psf.
Southwest Brooklyn prices are currently highest at $642 in Dyker Heights and lowest in Bath Beach at $323.
Southeast Brooklyn prices remain highest in Manhattan Beach at $668 and lowest in Canarsie at $332.
The Queens real estate market is dominated by Long Island City and Astoria, though the ppsf between them is wide at $1,138 and $771 respectively.
Median prices by borough range from $329,000 in the Bronx to $1,750,000 in Manhattan.